Largest U.S. radio company iHeartMedia files for bankruptcyReuters
March 15. 2018 11:12PM
iHeartMedia Inc. filed for Chapter 11 bankruptcy on Thursday as the largest U.S. radio station owner reached an in-principle agreement with creditors to more than halve its $20 billion in debt.
The company said it reached the agreement with holders of more than $10 billion of its outstanding debt that would restructure its balance sheet by transferring 94 percent of the stock in the reorganized company to its lenders.
Stations in New Hampshire operated by iHeartMedia include WGIR in Manchester, which broadcasts classic rock as Rock 101 on FM and news on AM 610, and several in Portsmouth, including WHEB 100.3 FM, a rock station, WMYF 1380 Classic Country amd Fox Sports AM930.
iHeartMedia has struggled with debt that was taken on to finance a $17.9 billion leveraged buyout in 2008 of what was then Clear Channel Communications Inc. That deal led by Bain Capital LLC and Thomas H. Lee Partners LP closed just as a financial crisis began to undermine the U.S. economy.
The company, which traces its roots to the 1972 purchase of KEEZ-FM in San Antonio, Texas, where it is currently headquartered said it would fund the business and bankruptcy process from cash on hand and cash generated from operations.